In the post, Musk said that most of the Tesla’s investors felt that the company is better off as a public company. In addition, Musk said that the process of going private would be time-consuming and a distraction from the company’s ramp-up of Model 3 production.

“After considering all of these factors, I met with Tesla’s Board of Directors yesterday and let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree,” Musk wrote.